Turkey’s consumer confidence index rises in August

Turkey’s consumer confidence index increased by 11.1% from a month earlier in August, according to a Consumer Tendency Survey carried out by the Turkish Statistical Institute in cooperation with the Central Bank of the Republic of Turkey.

The consumer confidence index rose to a reading of 74.44 in August from a reading of 67.03 in July. Any reading above 100 indicates an optimistic outlook, while any reading below 100 indicates a pessimistic outlook.

The index of financial expectations of households for the next 12 months increased 6.6% in August and became 94.19 compared with 88.36 in July while the index of expectations for the number of unemployed persons in the next 12 months was up 12.7% to a reading of 77.01 in August compared with the previous month.

The index of expectations for the general economic situation for the next 12 months surged 13.5% on the month to post a reading of 101.95 in August from a reading of 89.82 in the previous month. The higher reading indicates that the number of consumers who expect a better general economic situation in the next 12 months has increased compared with the previous month.

Meanwhile, the index of the probability of saving in the next 12 months climbed 13.9% month over month to 24.62 in August when compared to the reading of 21.62 in July. This increase means that the number of consumers who believe that they will be able to increase their savings in the next 12 months has swelled compared to the previous month.